Some people are afraid to hear "retirement" word. They are afraid that they can earn money like they works at the company. Some old man are stress hear the word while they must fulfill the daily necessity.
In my country, the social security does not work. Most employee do not receive the retirement when they retire. The worker must be work hard. Some of the retirement sale cigarettes or candy inside train or bus. If the police get them sale in train or bus, the police will arrest them.
I think the retiree have to prepare to generate money especially who has no social security or insufficient retirement fund. Here is the ways to generate money for the retiree:
1. Find Freelancer
The retire people are tired to work again. That is why they can work as freelancer. They can use the knowledge and experience when they work at the office. It is not a difficult jobs for them.
Some freelance jobs can pays $ 12 dollar for every hours and you can earn almost thousand dollar in a month.
2. Adjust the investment portfolio
Most retiree is the risk avoider investment. However, they may try invest at the risky investment to gain the revenue. Investing at bank account or certified of deposit is not good today. The interest is low and it could not protect you from high inflation.
3. Become landlord
Hiring some of the land. If you have many lands, you can hire to other people. Some people may use it for the crop field or farm that can generate revenue. You may share the revenue with the farmer. I think it is more profitable than charge the rent fee. This joint cooperation is also fair. When the crop yield increase, you will get more money and reversely.
If you have no land, you can hire the empty room for university student or worker. The cost of the room is about $ 400 a month.
4. Find smaller house
Some expert suggest to resize your house size when you retire. It could thrift some spending too due its small size. It does not need the expensive maintenance. The tax of small house is lower than the big house.
5. Make business from hobby
Most retire have time. They can take care the hobby. For example, an employee who loves cat can open a cat breed or pet shop that produces beautiful cat. A cat price could reach hundreds dollar. If you can sell 10 cats in a month, you can earn $ 1,000 in a month.
Some retiree can open a backyard farm to produce chicken and eggs. Buy a rooster and six hens and place them at your backyard. You can get four eggs a day or 120 eggs in a month. The organic eggs in Amazon is one dollar a pieces. You can get $ 120 in a month.
Read Also :
Financial Planning for Retirement
Risk that can harm retire